Brigham Exploration (BEXP) Commences 14 Million Share Offering

Brigham Exploration Company (NASDAQ: BEXP) announced commencement of a proposed underwritten public offering of 14,000,000 shares of common stock under its existing shelf registration statement. Net proceeds from the offering are expected to be used primarily to accelerate the development of the company's Williston Basin acreage position by drilling 24 net horizontal wells in 2010, which will target both the Bakken and Three Forks objectives. In connection with the offering, the underwriters will have a 30-day option to purchase up to 2,100,000 additional shares of common stock.

Assuming net proceeds of approximately $137 million from the offering, Brigham anticipates that its initial 2010 exploration and development budget will total $175.8 million, which would include $169.4 million in drilling expenditures and $6.4 million in land expenditures. Brigham currently anticipates drilling 24 net horizontal wells in the Williston Basin in 2010, including 21 net operated wells and three net non-operated wells, which would be drilled primarily in its core developmental acreage positions in its Rough Rider and Ross project areas in Williams, McKenzie and Mountrail Counties, North Dakota.

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